Yes the expense is too much. They tried to sugar coat it by saying last quarter was $1.3M but that probably included some termination fees for previous directors.
They really haven't done much for their keep. Most of the quarterly talked about politics which are out of their control. What they actually did for 600K was comply with government regulation and initiate a review.
What is most concerning is section 4.1-4.4 of the cash flow statement. Seems like they expect to spend another $400K on administration for the next quarter and only $250K on exploration. Looks like more of the same rubbish until end of June.
Sorry but this is certainly a dud. Worst performing stock I've been in for quite some time. Unfortunately I don't see it turning around anytime soon. Most of the cash will probably be used for 'administration' to probably re-coop expenses incurred by buying stock and then further capital raising will wipe away any future upside.
Ann: Quarterly Activities Report , page-7
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$1.83 |
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